The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Tempo announces $60m in new funding to expand home fitness system
Tempo, a connected home fitness system using 3D sensors and A.I. to analyze motion and provide real-time rep counting, form feedback, and weight recommendations, has announced $60m in new funding — the largest Series B of any smart fitness company to date.
The round was led by Norwest Venture Partners and General Catalyst, along with return investors DCM, Bling Capital, SignalFire, Founders Fund, and Y Combinator.
To meet soaring demand, Tempo will use the capital to increase manufacturing capacity and expand its innovative content offering with a second production studio.
Ro the latest wellness unicorn after $200m funding round
Ro — a patient-driven telehealth company powering three digital health clinics: Roman for men’s health, Rory for women’s health, and Zero for smoking cessation — has raised $200m in new funding from existing investors General Catalyst and others including FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L and BoxGroup.
The business, which has raised $376 million since it launched in 2017 is now reported to be valued at $1.5bn
According to the company, the capital has been earmarked for expanding its vertically-integrated healthcare ecosystem.
Pip & Nut receives seven-figure finance package from HSBC UK
Nut butter brand Pip & Nut has received a seven-figure finance package from HSBC UK.
The challenger brand, which launched in 2015, is the fastest growing nut butter brand in the UK, selling 8 nut butter varieties in stockists including Tesco, Sainsbury’s, Ocado and many more.
Speaking about the financial package, founder Pip Murray suggested that it would be instrumental in enabling the brand to maximise working capital within the business.
Withings announces $60m funding round co-led by healthcare investment specialists Gilde Healthcare
Withings, an early pioneer of the connected health revolution, has announced a $60mSeries B funding round co-led by healthcare investment specialists Gilde Healthcare, and long-term partners and investors, Idinvest Partners and Bpifrance, through its Large Venture funds, as well as BNP Paribas Développement, ODDO BHF Private Equity, and Adelie Capital.
It will invest funds to globally scale its dedicated business-to-business division Withings MED PRO and accelerate the development of the next generation of consumer health devices that bring medical grade and predictive capabilities into the home.
Sleep brand proper raises $9.5m in venture capital from Snoop Dogg’s Casa Verde Capital and others
The startup, which combines evidence-backed, safe, and natural sleep formulations tailored to users’ needs, with access to expert sleep coaching, is leveraging the popularity of the telemedicine and health coaching models to address shifts in consumer behaviour.
The startup plans to use the capital to bolster its sales and marketing, expand its products and services and grow its team.
Better Meat Co secures $8.1m to scale plant protein formulas for blending into animal meat
The Better Meat Co., a sustainable food tech startup founded in 2018, has secured $8.1m in a seed round — including the $1.6m it raised during its pre-seed round in 2018. This brings the company’s total funding to date to $9.7m.
The business-to-business ingredients company is focused on providing innovative plant protein formulas to major meat users for them to blend into their meats, enabling them to make better meat by boosting nutritional values, enhancing yield, and improving sustainability.